April brings with it some important deadlines. April 15 is everyone's favorite day, I have included some tax tips for your consideration. Finally, if you are considering when to start your social security benefits or you have already filed and suspended, please read the article below with some social security tricks that will be ending in April. If you are able to implement any of these "tricks" prior to the deadline, it could be very beneficial.
I hope everyone is enjoying the few glimpses of spring that we have had in the past few weeks.
Things to Remember at Tax Time
April 15th is approaching and it is time to begin crossing T's and dotting I's in preparation for paying taxes. As tax time draws near, you want to make sure you file all the proper forms and take all deductions you're entitled to. Following are some things to keep in mind as you prepare your tax form.
Last Chance to Use Files and Suspend Strategy for Claiming Social Security Benefits
Time is running out to use a potentially very lucrative Social Security benefits-claiming strategy. Spouses will no longer be able to use the "file and suspend" strategy after April 29, 2016. The federal budget agreement that was signed in fall 2015 ended two Social Security strategies that some spouses have used to maximize benefits. The "File and Suspend" strategy allowed a worker to file for benefits and then suspend them. The worker's spouse or children could then begin to receive spousal or children's benefits while the worker postponed receiving benefits and continued to earn retirement credits.
Late in 2015, Congress enacted the Protecting Americans from Tax Hikes Act which among other things made permanent the ability to direct gifts from IRAs to charities in a tax advantage way. You can make qualified charitable distributions (QCD) from your IRA if the following applies:
Contact us and find out how easy it is to set your estate plan up. You'll sleep better at night knowing things are taken care of the way you want.
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Elizabeth Schmitz practices estate planning, probate and elder law. She guides families and individuals as they provide for themselves and their loved ones during all states of life.
